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HUD limits to acreage?

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Richard J. Glesser

Junior Member
Joined
May 16, 2002
Professional Status
Certified General Appraiser
State
Michigan
Doing a property with 20 acres in a market area where 20 acres is not uncommon. Lender told me he thought FHA would only allow 5 acres to be considered in the value while I though FHA allowed entire site if not excessive for market. Any assistance would be greatly appreciated.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
There are no specific limitations on lot size. If there is excess land involved there is a convoluted process required. See HUD Handbook 4150.2, 4-4.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I'm with you Greg.
 

Rufus

Junior Member
Joined
Apr 3, 2008
Professional Status
Licensed Appraiser
State
Indiana
Doing a property with 20 acres in a market area where 20 acres is not uncommon. Lender told me he thought FHA would only allow 5 acres to be considered in the value while I though FHA allowed entire site if not excessive for market. Any assistance would be greatly appreciated.
You probably already know this, but do not let the lender talk you into doing 'the house and five'.

See this thread if you need details:
http://appraisersforum.com/showthread.php?t=138563
 
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